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Up to 350,000 people who invested their savings via Afinsa, one of the world’s biggest stamp dealers, and Forum Filatelico, a trading company, face massive losses as the firms fight off

Investors signing up to the 15-year scheme were promised an annual return of around eight per cent on money invested in stamps, with the pledge to buy back the stamps at the original purchase price at the end of the period.

Experts have claimed that much of the stock of stamps were either fakes or bought at far below the investment price, with dividends being funded by new investors signing up.

The Spanish authorities have made a number of arrests and are investigating further.